The bank, a secured creditor to the shipowner, is asking US Bankruptcy Judge Marvin Isgur to allow it to continue legal action in Taiwan over the $2.71m transfer of the property from TMT’s New Flagship Management to a trustee.
Cathay’s lawyer, Baker & McKenzie’s David Parham, says in court papers that the bank believes the trustee is “holding the property for the benefit of insiders of New Flagship to prevent the property from being attached by creditors”.
The
